The Science and Technology Innovation Board Daily reported on October 10th (Reporter: Guo Hui) that a semiconductor material unicorn in Jiangsu has started the listing counseling to sprint towards an IPO.

The website of the China Securities Regulatory Commission shows that Jiangsu Xinhua Semiconductor Technology Co., Ltd. (referred to as 'Xinhua Semiconductor') recently filed for listing counseling at the Jiangsu Securities Regulatory Bureau, with China Merchants as the counseling institution, and is expected to conduct counseling summary and acceptance in December this year.

The filing report shows that Xinhua Semiconductor was established in 2015, with a registered capital of approximately 1.486 billion yuan, registered in the Xuzhou Economic Development Zone, no controlling shareholder, and its legal representative is Tian Xin.

The Science and Technology Innovation Board Daily noted that Xinhua Semiconductor had also conducted a counseling filing in April 2022. At that time, the company's legal representative was Jiang Wenwu.

As of now, Jiang Wenwu is the actual controller of Xinhua Semiconductor and serves as the chairman, while Tian Xin is the general manager of the company.

After failing to IPO in 2022, Xinhua Semiconductor completed a 1 billion yuan Series B financing in June 2023. Investors included China Construction New Materials Fund, China Railway Transformation and Upgrading Fund, Heyuan Houwang, Jianxin Investment, Chengdu Innovation, Hongsheng Capital, Pudong Innovation, Yuhai Capital, among others.

Xinhuasemiconductor is a company specializing in the research and development, manufacturing, production, and sales of electronic-grade polysilicon. In 2015, it was jointly established by GCL Group and the National Integrated Circuit Industry Investment Fund (referred to as the "Da Fund"), dedicated to breaking through the enhancement technology of electronic-grade polysilicon.

It is understood that electronic-grade polysilicon is an electronic material with a certain purity obtained by purifying industrial silicon through a series of physical and chemical reactions. It is an extremely important intermediate product in the silicon product industry chain and is the main raw material for manufacturing silicon wafers, solar cells, and high-purity silicon products.

According to Tianxin, the general manager of Xinhuasemiconductor, in an interview with the media in August last year, the company had become one of the mainstream material suppliers of electronic-grade polysilicon in the industry. "Currently, about 40%-50% of domestic products come from Xinhuasemiconductor. Globally, we export products to Europe, South Korea, and Japan."

In addition to the main business of electronic-grade polysilicon, Xinhuasemiconductor also carries out integrated and diversified layouts around high-purity electronic chemicals, such as silicon-based electronic special gases. Tianxin stated that silicon-based electronic special gases are materials in the production process of polysilicon and belong to the same line. In the above-mentioned interview, he said: "The company has no intention of crossing boundaries, but just wants to focus on providing more diverse and rich services in this industry. Xinhuasemiconductor still positions itself as a company dedicated to semiconductor materials."

The latest valuation of Xinhuasemiconductor is expected to be no less than $1 billion. At the end of September this year, the Jiangsu Productivity Promotion Center released the evaluation results of Jiangsu unicorn companies in 2024, with companies such as First Pilot, Xuzhou Bokang, and Xinhuasemiconductor selected. Xinhuasemiconductor has also been listed on the Hurun 2024 Global Unicorn List.

According to Xinhuasemiconductor's official website, the company's production bases are mainly located in Xuzhou, Hohhot, and Shiyan.

As early as 2015, after receiving investment from Da Fund, Xinhuasemiconductor constructed the first 5000-ton special electronic-grade polysilicon production line for semiconductor integrated circuits in the Jiangsu Xuzhou Economic and Technological Development Zone.

By the end of 2023, Xinhua Semiconductors completed the construction of a 10,000-ton semiconductor-grade polysilicon project in Hohhot, with an investment of over 2.8 billion yuan and an output of approximately 2.4 billion yuan. The company's relevant person in charge stated that after the operation of Xinhua in Inner Mongolia, it will further expand its market share in the domestic market.

Tianyancha App shows that Jiangsu Zhongneng Silicon Industry, controlled by GCL Tech, is the largest shareholder of Xinhua Semiconductors, with a shareholding ratio of 24.5653%; Da-Ji Fund is the second largest shareholder, with a shareholding ratio of 20.6327%; while Xiamen Dingfeng Qirong Entrepreneurship Investment Partnership Enterprise (Limited Partnership) managed by Wuyuefeng Sci-Tech, State Headquarter Fund Guotou (Shanghai) Technology Achievement Transformation Entrepreneurship Investment Fund Enterprise (Limited Partnership) hold a 5.6498% stake each.